Whenever a celebrity dies, the news is typically flooded with every last detail of their demise. Then, details about the value of their estate may be made public also. One way to avoid having these details made public is for celebrities or others who have a high value estate to have a trust created rather than a will. Anyone in Michigan who is concerned about their estate plan may want to learn more about the difference between a trust and will and why some think Lou Reed handled this issue wrong.
Lou Reed’s estate is estimated to be worth $30 million. A will that has been processed through probate states that the singer left his wife 75 percent of the estate. He left the remaining 25 percent to his sister. He also left a cash amount to his sister for the sole purpose of providing care for their elderly mother.